By Jeff Wells
Source: Grocery Dive
- Instacart has slashed its valuation by nearly 40%, to around $24 billion, the company said on Thursday. It had posted a $39 billion valuation last year.
- The move comes amid slowing growth on Instacart’s marketplace and increasing competition from e-commerce companies like DoorDash. “We are confident in the strength of our business, but we are not immune to the market turbulence that has impacted leading technology companies both public and private,” Instacart said in a statement.
- The news comes shortly after Instacart updated its logo and expanded its business offerings to include a bundle of technology services for retailers.